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Non-bank throws down gauntlet to majors

Staff Reporter 3 minute read

Jessica Darnbrough

Non-bank lender Intouch Home Loans has today extended a competitive challenge to the majors with the introduction of its new wealth management division.

Speaking to The Adviser about the recent company changes, Intouch chief executive officer Paul Ryan said the new division would effectively turn the lender into a one stop shop for customers.

“Borrowers want an alternative to the majors. But, they need to know that the alternative is reliable, can meet all of their financial needs and is not difficult to understand. By introducing the wealth management system, we effectively meet all of these requirements,” he said.

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"Australian consumers are being besieged with convoluted financial information. In the resulting confusion we noticed that many of our new customers are nonchalant when it comes to understanding what benefits they were getting from their financial providers.”

Instead of getting long term financial security Mr Ryan said consumers often prefer to opt for the ‘set and forget’ which obviously leads to financial uncertainty.

“We aim to have ongoing conversations with our customers and help make them financially aware.”

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